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ICICI Direct Report
HCL Technologies Ltd. reported weak numbers on the margins front. Revenues at the company level in constant currency grew 7.6% QoQ while U.S. dollar revenues increased 6.7% QoQ to $2,978 million. Revenues in rupees have risen 8.1% QoQ to Rs 22,331 crore.
Business wise, IT services, engineering and research and development, products and platform grew 4.7%, 8.3%, 24.5%, respectively, QoQ in CC terms.
Revenues growth was aided by financial services, manufacturing, technology services, which grew 6.3%, 5.7%, 14%, respectively, QoQ in CC terms. In terms of geographies, it was broad based across geographies where Europe, Americas, rest of world grew 9.1%, 7.3%, 4.5%, respectively, QoQ in CC terms.
The management reiterated double digit revenue guidance for FY22 and 19- 21% Ebit margin for FY22. HCL Tech indicated that 65 bps margin impact for the quarter (due to seasonal leaves) would not be recurring in nature but other factors may continue to impact for few quarters.
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